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03-Oct-2021
Prime Bank distributes food, partnering with TMSS to help citizens better cope in the COVID Adverse Situation
As part of Corporate Social Responsibility (CSR), Prime Bank has partnered with TMSS to donate food in Bogura Region on Friday 01st October, 2021.

Faisal Rahman, Additional Managing Director from Prime Bank, Professor Dr. Hosne- Ara Begum (Ashoka Fellow, PHF& AKS) Founder Executive Director, TMSS and other high officials from Prime Bank and TMSS were present to grace this event.

In view of the damage caused by COVID-19, Prime Bank pro-actively partnered with TMSS to donate food in Bogura as Bangladesh Bank issued a circular to all the banks to use 1% of their respective net profits as CSR budget out of which 50% was advised to spend for the COVID affected regions of Rajshahi & Khulna.

Commenting on the CSR program, Additional Managing Director of Prime Bank, Faisal Rahman said, “Prime Bank has always been a pro people bank and this Covid-19 catastrophe warrants our aid even more than before. Our venture to assist the people of this country will be a continuous effort for years to come”.

The Founder Executive Director of TMSS, Professor Dr. Hosne- Ara Begum expressed her gratitude by saying, “We are extremely happy to partner with Prime Bank for such an important cause and we hope to take this partnership ahead and help the people of Bangladesh whenever it is required”.
29-Sep-2021
Prime Bank pilots Bangladesh’s first ever digital loan for the garments workers
Prime Bank has introduced a digital loan disbursement system for the garments workers and this move is the first of its kind in the banking industry in Bangladesh. The pilot launching of this service was in collaboration with Swisscontact and the British Fin-tech AGAM International, early on September 2021 for selected factories only. Upon successful completion of the pilot, the bank intends to rollout the product nationwide.

The groundbreaking product proposed as ‘PrimeAgrim’ assess customers’ credit eligibility and completes disbursement digitally. Negating the hassles of document submission, all steps from loan application to assessing credit worthiness and sanctioning, will be digitally executed, saving time and energy.

Commenting on the pioneering initiative, Prime Bank’s Managing Director and CEO Hassan O. Rashid said, “Prime Bank has always been at the forefront when it comes to technological innovations. This pilot run bears testament to our strong commitment towards financial inclusion through digital services.”

Prime Bank’s DMD, CBO and Head of Consumer Banking ANM Mahfuz, said “The RMG sector has the maximum contribution to our economy and this digital innovation will facilitate the RMG workers to access easy loan to meet their emergency requirements that will ensure financial inclusion for this very group”.

Shabnam Nida Wazed, Founder and CEO of AGAM International, said “For the first time in Bangladesh an initiative has been launched where customers, especially the garments workers can get loan in minutes without the hassle of queuing or visiting a branch in these uncertain times. We are extremely glad to be a part of it”.
22-Sep-2021
Prime Bank joins NBR’s Integrated VAT Administration System
Prime Bank has partnered with The National Board of Revenue (NBR) to develop Single & Multiple BIN Validations for enhanced VAT payment experience. Prime Bank’s corporate clients have been enjoying the e-VAT service through the bank’s Omni Digital Platform, PrimePay since December 2020. The latest integration will bring VDS (VAT Deduction at Source) payment as an additional feature of the e-VAT service for the Banks’s corporate clients.

By using IVAS system, the enlisted corporate users can easily and securely pay their e-VAT and supplementary duty directly from the user’s bank account to the national exchequer from PrimePay.

An inauguration ceremony was held at the bank’s head office and to grace this partnership, Kazi Mostafizur Rahman, VAT Online Project Director and Commissioner, NBR, was present along with Faisal Rahman, Additional Managing Director of Prime Bank.
19-Sep-2021
Prime Bank conducts first SOFR-linked transaction

Prime Bank has successfully completed its first transaction in Secured Overnight Financing Rate (SOFR). This is a pioneering step for Prime Bank to adopt SOFR as the new global alternative benchmark rate, as London Interbank Offered Rate (LIBOR) will cease to exist after June 2023.

LIBOR has been the most reliable benchmark in the world for setting interest rates on the international interbank market for short-term loans. However, SOFR provides a more accurate reflection of lenders’ USD funding costs and supports a large volume of transactions and financial products. Transitioning away from LIBOR linked borrowing, Prime Bank made a trial SOFR-linked transaction on 25th August 2021 with Wells Fargo Bank, New York.

Commenting on this transaction, Prime Bank’s Managing Director and CEO Hassan O. Rashid said “We are pleased to execute a successful debut SOFR-linked transaction. This is a right step to prepare for the post-LIBOR landscape and we are very grateful to our correspondent bank and regulator for their cooperation and guidance. As a leader in international trade, this transition will help us serve our corporate customers better in trade and loan products in USD.”

Mr. Santanu Sengupta, MD & Head - CIB FIG APAC South, Wells Fargo Bank N.A. said, “Bangladesh is an important market for us and we have long-standing relationships with some of the leading Financial Institutions in the country. As the global financial markets transition from LIBOR to Alternative Reference Rates, we are delighted to partner with Prime Bank on their first SOFR benchmarked loan. Wells Fargo has played a leading role in this important industry initiative and we continue to work with our customers to prepare for the LIBOR transition.”

12-Sep-2021
Prime Bank & PRAN-RFL Group tie up for collateral free Distributor Financing facility for CMSMEs up to BDT 1.00 Crore
Prime Bank has initiated a strategic alliance with PRAN-RFL Group to extend financial solution to their distributors across the country. Under this partnership, the distributors of PRAN-RFL Group can avail collateral free loan up to BDT 1 Crore in the form of Overdraft (OD) Facility.

The agreement was signed on 6th September 2021. Hassan O. Rashid, Managing Director and CEO of Prime Bank, Uzma Chowdhury, Director-Finance of PRAN-RFL Group, Faisal Rahman, Additional Managing Director and Syed M Omar Tayub, Head of MSME Banking of Prime Bank and other senior officials of both organizations were also present on the occasion.

Through this distributor financing program distributors of PRAN-RFL will get easy access to credit which will supplement their business expansion and meeting working capital requirements. Apart from this, these distributors can also avail a wide range of deposit products.
05-Sep-2021
Prime Bank to provide collateral free loan to the dealers of TVS motorcycle
Prime Bank has formed a strategic partnership with TVS Auto Bangladesh to extend collateral free SME loan to its dealers across the country.

The retailers of TVS Motorbike will be able to avail up to BDT 1 crore collateral free OD (overdraft) facility under exclusive MSME product titled 'Prime Goti'.

This partnership will enable easy access to finance for the TVS motorcycle dealers who need credit facilities to meet working capital and to expand their business. The partnership will be a big boost to the country's booming motorcycle industry as the dealers can expand their business with the unsecured loan.

Commenting on the new partnership, Prime Bank’s Managing Director and CEO Hassan O. Rashid said: “Prime Bank is committed to provide easy access to credit to MSMEs with innovative and tailor-made banking solutions. This financing facility will help the dealers expand motorcycle business across the country.”
25-Aug-2021
Prime Bank announces partnership with the USAID-funded Feed the Future Bangladesh Horticulture, Fruits, and Non-food Crops Activity
On August 25, 2021, Prime Bank announced a partnership with the USAID-funded Feed the Future Bangladesh Horticulture, Fruits, and Non-food Crops Activity (the Horticulture Activity) for an intervention on “Instant and Digital Access to Finance Through Prime Bank’s Agent Banking.” This asserts Prime Bank’s ongoing drive for digital transformation in the financial sector.

The Horticulture Activity supports the Government of Bangladesh’s (GOB) food security objectives by strengthening the private sector’s capacity to increase productivity and production of quality horticulture, fruits, and non-food crops that meet domestic and international standards.

The objective of the partnership is to offer harvest-based loans for smallholder farmers & input retailers and introduce a digital application and an instant eligibility screening system to shorten loan applications and processing times.

Mr. Marcos Moreno, the Chief of Party of the Horticulture Activity, commented: “We are excited to participate in this very innovative initiative. The Activity is motivated to add value to innovative solutions driven by private sector actors like Prime Bank. It looks forward to working in partnership to unlock the gap for the thousands of unbanked and underserved rural women and men involved in horticultural crops.”

Commenting on the partnership, Prime Bank’s Managing Director and CEO Hassan O. Rashid said: “We are excited to partner with USAID, a leading development partner in the world. Prime Bank has been working relentlessly to ensure greater financial inclusion through Agent Banking. A partnership like this is will be pivotal in achieving our mission in financial inclusion.”
21-Aug-2021
Prime Bank conducts tree plantation program as part of observance of National Mourning Day
Prime Bank has conducted tree plantation program as part of observance of the 46th martyrdom anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and National Mourning Day.

The bank’s Managing Director and CEO Hassan O. Rashid along with the senior management officials planted different varieties of saplings at Purbachal Model Town on August 21, 2021 to pay tribute to the Great Statesman.

Additional Managing Director Faisal Rahman, Deputy Managing Directors ANM Mahfuz and Shams A. Muhaimin and other senior management officials were present.

As part of the observance of National Mourning Day, the bank has undertaken a number of activities throughout the month of August.
18-Aug-2021
Prime Bank wins ‘Cash Management Bank of the Year 2021’ Award from Singapore based Asian Banking & Finance Magazine
Prime Bank has been awarded with the prestigious ‘Bangladesh Domestic Cash Management Bank of the Year 2021’ Award by Singapore based Asian Banking & Finance Magazine.

The renowned media outlet recognizes banks and financial institutions of the Asia Pacific region for their outstanding performance in innovation and excellence with annual ABF Wholesale Banking Awards 2021.

Asian Banking & Finance magazine has appreciated the dynamic Cash Management architecture of Prime Bank Limited, stating that, “Prime Bank’s wide range of products and services have been exemplary in maximizing liquidity while minimizing the cost of funds even in a pandemic situation in Bangladesh.”

On achieving the award, Hassan O. Rashid, Managing Director & CEO, Prime Bank said: “Winning the ABF Wholesale Banking Award will surely motivate us to do more for our valued customers. We will bring in new technology-enabled solutions for more convenience to the customers. We dedicate the award to our valued customers and shareholders, whose steadfast trust on Prime Bank acts as the cornerstone for our success.”
15-Aug-2021
Prime Bank’s Board adopts resolution on National Mourning Day
The Board of Directors of Prime Bank Limited took a resolution on National Mourning Day on the occasion of the 46th anniversary of martyrdom of Bangabandhu Sheikh Mujibur Rahman.

The condolence note resolution was adopted at the 517th Meeting of the Board held on August 12, 2021. Tanjil Chowdhury, Chairman of the bank, presided over the meeting. At the meeting, the Board of Directors discussed about life and works and achievements of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and his contribution to Bangladesh.

As a token of respect, the Directors and officials of the bank used a special virtual background with the theme of National Mourning Day in the meeting held through digital platform. As part of the observance of National Mourning Day on August 15, 2021, the bank will undertake a number of activities throughout the month of August.
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